人工智能(AI)基础设施领域的投资热潮，不仅引发了专用AI芯片的抢购潮，也让供应链其他环节的供需 矛盾持续加剧，其中存储芯片领域的紧缺最为突出，相关产品价格仍在持续飙升。 知情人士称，两家企业近几周刚向中国客户发出上述供货通知，这也意味着CPU的供应短缺问题进一步 升级，国内AI企业及诸多制造业厂商的生产经营压力或将进一步加大。 订单积压严重 两位知情人士表示，中国市场贡献了英特尔超20%的全球营收，该公司第四、五代至强(Xeon)服务器 CPU目前供应缺口尤为显著，英特尔已对相关产品实施限量供货。 他们补充道，英特尔上述型号CPU的未交付订单积压严重，交货周期已拉长至6个月。 一位知情人士及另一位第三方消息源均透露，AMD也已向合作客户告知供应受限的情况，后者表示， AMD部分服务器CPU产品的交货周期已延长至8至10周。 英特尔今年1月在财报电话会议中已提及CPU供应短缺问题，该公司在一份声明中表示，AI技术的快速 普及，推高了市场对传统计算芯片的需求。 声明还指出，英特尔预计2026年第一季度芯片库存将处于历史低位，但公司正采取积极举措缓解供应压 力，预计从第二季度开始，产品供应情况将逐步改善。 智通财 ...

据知情人士称，英特尔和AMD已向中国客户通报了服务器中央处理器（CPU）的供应短缺情况，英特 尔警告称交付周期最长可达六个月。 其中一位知情人士称，供应紧张的情况导致英特尔的服务器产品在中国的售价普遍上涨了 10% 以上， 不过具体价格会因客户合同而有所不同。 对AI基础设施的投资持续增长，引发了对AI专用芯片以及供应链其他环节产品的大规模需求热潮，其 中最为突出的是存储芯片领域，其价格持续飙升。 据消息人士称，这些针对中国客户的通知是在最近几周发出的，表明CPU 缺货问题愈发严重了。这可 能会给人工智能公司以及众多其他制造商带来更大的挑战。 此外，内存芯片（也是服务器的关键组件）的短缺也加剧了供应短缺。据第三位消息人士（一家同时销 售服务器CPU和内存产品的分销商）称，去年底中国内存价格开始上涨时，客户加快了CPU的采购速 度，以锁定更低的内存价格。 对智能体AI系统（能够执行复杂的多步骤操作，而不仅仅是简单的聊天机器人功能）的激增需求进一 步加剧了供应紧张。这些高级应用需要比传统工作负载高得多的CPU处理能力。 据两位知情人士透露，在中国市场（占英特尔总收入的20%以上），英特尔第四代和第五代至强处理器 ...

Core Viewpoint - AMD holds a leading position in the server CPU market with over 40% market share and has expanded into the GPU sector to capitalize on AI opportunities, significantly boosting revenue growth in recent quarters [1][2]. Financial Performance - In the first half of fiscal year 2025, AMD achieved robust double-digit growth, driven by strong demand for EPYC server CPUs and the gaming segment's integration of AI features [2]. - For Q2 2025, AMD reported a consolidated revenue of $7.68 billion, a year-on-year increase of 31.7%, despite a slowdown in data center business growth due to export restrictions [4][7]. - The gaming and client segment saw a remarkable year-on-year growth of 69%, attributed to high demand for the Radeon 9000 series GPUs and record sales of Ryzen desktop processors [4]. - Adjusted EBITDA margin decreased from approximately 24.5% in the previous year to 14.2%, primarily due to an $800 million inventory write-down related to data center exports [7]. Market Outlook - The overall demand environment remains positive, with data center business now accounting for 42% of total revenue, up from about 30% last year [10]. - The gaming and client segment continues to be the largest revenue source, representing 47% of total revenue, with strong demand for semi-custom SoCs and client CPUs [11]. - AMD plans to release its Q3 2025 earnings report in the first week of November, with market expectations for revenue of $8.75 billion, a year-on-year increase of approximately 28% [11]. Competitive Landscape - Despite short-term stability, AMD faces long-term challenges in the AI accelerator market, primarily due to NVIDIA's dominant position and mature software ecosystem [12][16]. - AMD's CEO has indicated plans to expand in the AI accelerator market, but capturing significant market share from NVIDIA is deemed unlikely [13]. - The company’s growth in the data center segment may be limited by the slow adoption of its ROCm platform compared to NVIDIA's CUDA platform [16]. Valuation Concerns - AMD's stock price has surged over 200% since April, leading to a high valuation with a forward P/E ratio close to 65, significantly above its five-year average of 38.6 [2][21]. - Analysts note that despite meeting EPS consensus expectations, market EPS forecasts for AMD have been revised downwards by over 20% for fiscal year 2025 [22]. - The current valuation premium lacks justification when compared to peers like NVIDIA, which has a forward P/E ratio of about 45 [21]. Conclusion - AMD is expected to maintain double-digit revenue growth through fiscal year 2025, supported by strong demand in gaming and client segments [17]. - However, the company's long-term growth prospects are constrained by NVIDIA's dominance in the AI accelerator market, which may limit AMD's expansion plans in the data center segment [24].